Chargefox powers ahead with capital raise

Chargefox powers ahead with capital raise

Clarendon Lawyers is delighted to have advised Chargefox on its $8 million capital raise for new investors, including a major investor in Australian Motoring Services (AMS), the commercial vehicle for the Mobility Clubs of Australia (NRMA, RACV, RACQ, RAA, RAC and RACT), Wilsons Transformers and Greg Roebuck, the founder of Carsales.

Chargefox has also successfully applied for government funding, receiving a grant of $6 million from the Australian Renewable Energy Agency and a further $3 million from the Victorian Government’s Department of Environment, Land, Water and Planning.

The capital will be used by Chargefox as it sets out to build a new national ultra-rapid charging network for electric motor vehicles (EVs)along major driving routes in Australia, with 22 sites planned for the initial rollout. The charging network will allow for inter-connection between major cities, addressing one of the perceived barriers to owning an EV, and is completely powered by renewable energy, making it the first of its kind in Australia.

Chargefox’s destination charging service is already the largest open network in Australia for EVs and the company is well placed to take advantage of the anticipated growth in uptake of EVs, expected to reach 2.5 million electric vehicles on Australian roads by 2035.

The Clarendons team was led by Director, Robert Feiner who was assisted by Ingrid Mohr, Rachel Morris and Ferguson Ryder.

Mr Feiner complimented Chargefox and its founders on their success to date, stating: “It has been an absolute pleasure to work with Chargefox over the course of the capital raising in what is a fantastic development for the industry. We look forward to seeing the Chargefox network become a critical piece of infrastructure for the motor vehicle industry going forward.”